when social and cultural factors affect an individual at a particular time and include such variable as ethnicity, social class, and subcultural membership, these factors are called sociocultural-graded influences
Technology refers to the innovative processes and systems that are employed or used by a firm to transform inputs into output in the most efficient and effective way while technological change refers to an increase in product or process efficiency that enables higher and better output holding inputs constant. In other words it is a change in a firm's ability to produce a level of output with a given quantity of inputs.
